A Write Up on Bank of America: American Icon

American Banking and Bank of America

Bank of America is an icon in banking in the USA. It looks after US interests and has also has a lot of social responsibility

Introduction

Bank of America is an American icon. It is the 3rd largest non oil company in the United States and one of the big 4 banks in the USA. After acquiring Merrill Lynch in 2008, it is the worlds largest wealth management corporation in the world. The history of the bank dates to 1904 and the present name was adopted in 1930. Earlier it was known as the Bank of Italy. However though it traces it’s origin to Italian migrants, the bank is now a symbol of US economic might

. Bank products and services offered

Bank of America is a banking corporation with a global presence.
The bank has a 9% stake in China construction Bank, one of the 4 biggest banks in China. It also has global presence in India, Asia, Europe and America.

The bank has 3 distinct areas of operations. Its US operations are headquartered in New York, European headquarters are in London and Asia headquarters is located in Hongkong.

The Bank of America carries out a wide range of activities that cover the entire gamut of banking operations. The bank maintains checking and savings account and also issues credit cards. The bank also disburses auto and home loans with mortgage and refinances facility.

The bank has an investment and wealth management service which is run through Merrill Lynch. Bank of America has also ventured into the field of insurance and medical health. The bank has incorporated the latest software to help in its operations and also keeps in mind its social responsibility to the American people.

The bank is a banking corporation within the meaning of that term and carries out all banking operations.

The bank underwrites all deposits and accounts with the bank. The bank also disburses loans for home equity and guarantees the lowest rates of interest. The bank feels it has a social responsibility and believes in furthering the American dream. As a part of this the bank donates 1000 properties to veterans. These are men who have served in the US armed forces. It’s a great gesture and shows the esteem with which the US armed forces personnel are held in USA. One wishes something similar could be done by Indian banking in India.

the bank has kept pace with the latest advancements in online banking and incorporates the latest technology for its clients and services provided. Almost all activities can be carried out bya customet in the comfort of his house or office. The bank has superfast servers that provide real time facilities and banking operation at the touch of a mouse.

Feedback

The Bank has a a favorable response from the US public. As it caters mainly to its American clientele, the bank has its own niche. However though the bank has a presence in India, it is not among the mainstream banking corporations here

An early retired Gp Capt from Air Force who is an Executive Director in the Corporate world. Loves to write fiction and articles. Published over 60 short stories and his novel" Romance of the Frontier" is published from Notion Books.His second novel is on way for publication. The author also has close to 10,000 articles on the b net with millions of views

Related Articles

Banruptcy laws in the United States are more reformative than penal and compared to other countries more humane. Student are given loans and in case they default procedures are spelt out in the amended Bankrupty act..

The Budget 2017 has come up with few benefits to startups in India to promote more business, entrepreneurs and reduce the percentage of job seekers. These all changes and revisions are taking place because of the "Start-Up, Stand-Up" of our Hon'ble Prime Minister Narendra Modi..

Shortage of labor and unemployment, both exist simultaneously in developed world, creating a theoretical enigma on one hand, and giving rise to strongly politicized debates on the other hand. It is often difficult to make out who is wrong and who is correct.